Reliance Communications likely to oppose Ericsson's insolvency bid

The tribunal admitted the petition on May 15 which could potentially result in delaying RCom's plans to sell assets to lighten its debt load.

The battle is for the repayment of Rs 1,155 crore of dues, which Ericsson alleges that RCom owes it for managing and operating the former's telecom network in a seven-year agreement that both the companies had inked in 2014.

After falling as much as 18 percent in the previous trading session, shares of Reliance Communications rose 8.5 percent in the early trade on Thursday as investors hoped for a positive outcome from the company's likely appeal to NCLAT (National Company Law Appellate Tribunal) against NCLT (National Company Law Tribunal) order. The company is set to report earning for the quarter ended March on May 19.

The stock, which had tumbled to a low of Rs 9.60 on 15 November 2017, bounced back swiftly to record a 52-week high of Rs 40.15 by end December 2017, buoyed by news that Mukesh Ambani-led Reliance Jio will acquire RCom's mobile business assets including spectrum, mobile towers and optical fibre network of the company. The stock is down 68.85% during the last one year.

A two-member panel headed by Justice B S V Prakash Kumar said on Tuesday that an insolvency-resolution professional will be decided on in a day or two. Recently implemented bankruptcy rules bar takeovers of stressed assets by entities related to the defaulting promoters.

On Wednesday, HSBC Daisy Investment petition opposing the sale of the tower assets of Reliance Infratel the tower subsidiary of RCom came up for hearing in the Supreme Court but was adjourned for May 17. Through sale of assets, the Anil Dhirubhai Ambani led company was seeking to reduce its $7 billion debt. That empowered the central bank and local lenders to push companies into insolvency and accelerated their ability to recover bad loans.

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